Francisco Reservoir will be transformed into open space if current plans keep gaining momentum.

Photo: Brant Ward, The Chronicle

Francisco Reservoir will be transformed into open space if current...

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Neighbors like Jan Blum envision the ugly, old reservoir as green parkland with spectacular bay and bridge views.

Photo: Brant Ward, The Chronicle

Neighbors like Jan Blum envision the ugly, old reservoir as green...

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Some of the bricks in abandoned Francisco Reservoir date from the 1850s. Ideas for the site will be discussed soon - neighbors are talking about a playground and a community garden.

Photo: Brant Ward, The Chronicle

Some of the bricks in abandoned Francisco Reservoir date from the...

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The view from a 14th floor apartment on Chestnut Street offers spectacular views of the Bay along with the covered Reservoir foreground. The SFPUC is relaunching an effort to tear down their Francisco Reservoir on Russian Hill. They'd like to sell the high-value land (panoramic views of the Golden Gate) to developers and use the cash to fund the demolition. Neighbors, though, say they deserve a park or other open space. Tuesday Jan 18, 2011.

Photo: Lance Iversen, The Chronicle

The view from a 14th floor apartment on Chestnut Street offers...

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Pedestrians walks down the steep staircase next to the reservoir Monday April 8, 2013. The reservoir on Russian Hill in San Francisco, Calif. has not been used in many decades, and now neighbors and Supervisor Mark Farrell hope to revitalize the area and turn it into a park.

Photo: Brant Ward, The Chronicle

Pedestrians walks down the steep staircase next to the reservoir...

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A Russian Hill visitor climbs the stairway from Bay Street to Chestnut that's ajacent to the covered Reservoir. The SFPUC is relaunching an effort to tear down their Francisco Reservoir on Russian Hill. They'd like to sell the high-value land, with panoramic views of the Golden Gate, to developers and use the cash to fund the demolition. Neighbors, though, say they deserve a park or other open space. Tuesday Jan 18, 2011.

Photo: Lance Iversen, The Chronicle

A Russian Hill visitor climbs the stairway from Bay Street to...

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Now that the redwood cover on the reservoir has been removed, about two acres of brick remain Monday April 8, 2013. The reservoir on Russian Hill in San Francisco, Calif. has not been used in many decades, and now neighbors and Supervisor Mark Farrell hope to revitalize the area and turn it into a park.

Photo: Brant Ward, The Chronicle

Now that the redwood cover on the reservoir has been removed, about...

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No trespassing signs rust away on the covered Reservoir between Larkin and Hyde streets in San Francisco. The SFPUC is relaunching an effort to tear down their Francisco Reservoir on Russian Hill. They'd like to sell the high-value land (panoramic views of the Golden Gate) to developers and use the cash to fund the demolition. Neighbors, though, say they deserve a park or other open space. Tuesday Jan 18, 2011.

Photo: Lance Iversen, The Chronicle

No trespassing signs rust away on the covered Reservoir between...

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A small park is nestled below the Old Russian Hill Reservoir between Larkin and Hyde streets. Residents of the area would like to see more open space should the SFPUC tear down their Francisco Reservoir on Russian Hill. Tuesday Jan 18, 2011.

Photo: Lance Iversen, The Chronicle

A small park is nestled below the Old Russian Hill Reservoir...

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Brian Hsieh checks out the view from a 14th floor apartment on Chestnut Street offers spectacular views of the Bay along with the covered Reservoir foreground. The SFPUC is relaunching an effort to tear down their Francisco Reservoir on Russian Hill. They'd like to sell the high-value land (panoramic views of the Golden Gate) to developers and use the cash to fund the demolition. Neighbors, though, say they deserve a park or other open space. Tuesday Jan 18, 2011.

Photo: Lance Iversen, The Chronicle

Brian Hsieh checks out the view from a 14th floor apartment on...

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A women walks down Hyde Street ajacent to the Francisco Reservoir.The SFPUC is re-launching an effort to tear down their Russian Hill, Reservoir that's covered with plywood left. They'd like to sell the high-value land (panoramic views of the Golden Gate) to developers and use the cash to fund the demolition. Neighbors, though, say they deserve a park or other open space. The PUC says sure, but only if you pay for it. Tuesday Jan 18, 2011.

Photo: Lance Iversen, The Chronicle

A women walks down Hyde Street ajacent to the Francisco...

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The view from the adjacent streets to the Reservoir offers spectacular views including the Golden Gate Bridge. The SFPUC is relaunching an effort to tear down their Francisco Reservoir on Russian Hill. They'd like to sell the high-value land (panoramic views of the Golden Gate) to developers and use the cash to fund the demolition. Neighbors, though, say they deserve a park or other open space. Tuesday Jan 18, 2011.

Photo: Lance Iversen, The Chronicle

The view from the adjacent streets to the Reservoir offers...

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A view looking east from the reservoir shows you could see Berkeley from a park here Tuesday January 21, 2014 in San Francisco, Calif. Neighbors are raising money to convert an old reservoir, next to the Hyde Street cable car line, into a park with views of the Golden Gate Bridge and the east bay.

Photo: Brant Ward, The Chronicle

A view looking east from the reservoir shows you could see Berkeley...

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Jan Blum, who lives nearby, walks on the path past the reservoir Tuesday January 21, 2014 in San Francisco, Calif. Neighbors are raising money to convert an old reservoir, next to the Hyde Street cable car line, into a park with views of the Golden Gate Bridge and the east bay.

Photo: Brant Ward, The Chronicle

Jan Blum, who lives nearby, walks on the path past the reservoir...

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The reservoir is enclosed with a fence and occasional barbed wire Tuesday January 21, 2014 in San Francisco, Calif. Neighbors are raising money to convert an old reservoir, next to the Hyde Street cable car line, into a park with views of the Golden Gate Bridge and the east bay.

Photo: Brant Ward, The Chronicle

The reservoir is enclosed with a fence and occasional barbed wire...

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An architect's rendering of what the new park replacing the reservoir might look like Tuesday January 21, 2014 in San Francisco, Calif. Neighbors are raising money to convert an old reservoir, next to the Hyde Street cable car line, into a park with views of the Golden Gate Bridge and the east bay.

Photo: Brant Ward, The Chronicle

An architect's rendering of what the new park replacing the...

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A view looking west from the reservoir includes views of the Golden Gate bridge in the distance Tuesday January 21, 2014 in San Francisco, Calif. Neighbors are raising money to convert an old reservoir, next to the Hyde Street cable car line, into a park with views of the Golden Gate Bridge and the east bay.

Photo: Brant Ward, The Chronicle

A view looking west from the reservoir includes views of the Golden...

Russian Hill has some of the best views in the city - the Golden Gate Bridge, Alcatraz and the bay itself. And for decades its residents have also had to stare at the ugly, decommissioned Francisco Reservoir.

Neighbors who have fought off multiple attempts over the years to develop the reservoir at Hyde and Francisco streets, just above Ghirardelli Square, are determined to turn the surplus city property into open space and have raised $8 million to help transform it.

They - along with District Two Supervisor Mark Farrell - believe they are closer than ever to making that park a reality. The San Francisco Public Utilities Commission, which owns the 4-acre property, is in talks with the Recreation and Park Department, which would have to buy the land at market rate for it to become part of its portfolio.

In all, neighbors hope to raise $11 million: $8 million to help fill in the vast hole and plant grass and trees, and $3 million for future park operations. Farrell said he hopes the transfer will be completed by the end of the year and that a community planning process could start in 2015, though it's not clear that the parks department will have the money that soon to buy the property, which hasn't been appraised.

"We have been staring at this empty reservoir since approximately 1940," said neighbor Jan Blum, a member of one of four neighborhood associations working on the project. "There's a long-term interest in seeing this project happen. ... People are very excited."

What the open space would look like is still to be determined - ideas include a children's playground, grassy fields, community gardening space and even a water feature to tie it to its historic use. Farrell said the size of the property makes the potential almost endless. Still, he said his office has been working on the issue for three years, and there is more work to do.

"The real focus the last six months has been for the neighbors to actively fundraise to fund the park," he said. "They are getting close to the ($11 million) figure, and it is encouraging and the result of a lot of hard work - but there's still a lot of wood left to chop."

That includes getting the PUC and parks department on the same page. Spokesman Tyrone Jue said PUC General Manager Harlan Kelly and Parks Director Phil Ginsberg have been meeting over the past few months.

"We are open to whatever the best use of the property is, but we have to collect a fair market value. ... The PUC is not in the parks business, and we wouldn't develop a park using city water and sewer funds," Jue said. "We are not allowed to, but we can transfer a property as long as we get fair market value."

Sarah Ballard, a spokeswoman for the parks department, said the Francisco Reservoir is third on the agency's acquisition list, after properties in the Bayview and South of Market. The department has an acquisition fund, fed by property taxes, that generates about $2 million a year and has a balance of about $8 million. As of now, the neighbors don't plan on spending the money they are raising to buy the property.

"Our priority at this point is 900 Innes Ave. (in the Bayview)," Ballard said. "But this property is identified as one of our top priorities for acquisition."

Farrell said creating a park in that spot - just about a block from the tourist-filled Lombard Street - remains one of his top priorities as well.

"This is a once-in-a-lifetime opportunity - where else in San Francisco do you have a multi-acre plot of concrete that's been decaying for decades, in the middle of a neighborhood and close to the tourism industry, where you can build a brand-new park?" Farrell said. "These opportunities don't come around that often."